Questions to ask when shopping for a new home

Nowadays if you’re shopping for a brand new home the sky’s the limit. In 2015 sales of new homes were at an eight-year high according to the US Department of Housing and Urban Development and the US Census Bureau. In fact single-family production is projected to reach 840,000 units in 2016 a significant increase over 2015. New residential construction is more expensive unfortunately for homebuyers and comes at a steeper price.

Of course there are still many ways you can save when searching for a new home. Compare it to shopping for a new car – the right strategy gets you the best deal. Make sure to ask new homebuilders important questions in order to find the right home for you and your family.

Are there any financial incentives for using your preferred lender and Title Company?

You’ll be surprised at the handful of incentives given to buyers who use a preferred lender and Title Company. Some Builders may even take off up to $10,000 in closing costs. We recommend shopping around and getting quotes from at least two other lenders before making a final decision.

What are the long-term plans for the community and housing growth?

This information is important as the Builder might be planning several subdivisions, which could impact your decision to purchase. If you’re the first family to move into the neighborhood and the developer plans on building a hundred more homes you might have to deal with loud Construction for over a year. This may not be something that you want to contend with and which will influence your decision to buy.

What are the homeowner’s rules and regulations?

Each homeowners association has its own set of rules and conditions you will want to know this right away and you can get this from the buyer and review them before making your final decision. Some of the stricter rules don’t allow sheds in backyards for privacy fences. Find out how much the penalties are and how strict they are about enforcing these rules. Also how long do you have to pay the HOA dues and when do you have to start paying them? These are important questions that will influence your decision to purchase.